Two days workshop on “Fostering Continuous Value Proposition Fit for IoT-based Startups (A business level perspective)”
The objective of the workshop is to inspire young minds by emphasising the importance of creating their own firms and showing them how to turn the prototypes they may develop for ideas into actual startups.
A Two days workshop on “Fostering Continuous Value Proposition Fit for IoT-based Startups (A business level perspective)” has been organized by IIoT Club in association with IETE Student’s Forum and JIT-IIC on 27.07.2023 & 28.07.2023.
DAY – 1 (27.07.2023):
Session 1: Prototype Validation- Converting Innovation into Startup
Prof. N.Krishnapriya, IIoT Club Coordinator, Innovation Ambassador, addressed the gathering with the welcome address. Prof. R.Kowsalya, AP/ECE, IETE Faculty Coordinator, unveiled the chief guest profile. Mr.Arunkumar Ramamurthy, Incubation Manager – AIIRF EDII, Entrepreneur Evangelist, Diyas Ventures – Co-founder, took the session on “Prototype Validation- Converting Innovation into Startup”. The resource person began his presentation by giving a practical demonstration of a recent prototype that they had just recently turned into a company. The resource person described the complete process by which they and
their team developed an idea from the ideation stage to a prototype, and then from a prototype to a real business. The expert provided a comprehensive overview of the several stages of prototype creation and the subsequent transformation into a commercially viable startup. This was effectively demonstrated through a practical example, allowing the students to establish a connection with the concept and get a clear understanding of the process involved in transforming a prototype into a successful business venture. The extent of the students understanding was apparent by the calibre of questions posed to the expert. The resource person successfully generated interest among the students in the subject matter, resulting in a very engaging session characterised by a dynamic exchange of ideas. The students actively posed queries, while the expert graciously responded to nearly all of their questions.
Session 2: Achieving Value Proposition Fit & Business Fit
Prof. R.Kowsalya, AP/ECE, IETE Faculty Coordinator, unveiled the chief guest profile. Mrs.L.Agnes Preethi, HoD/Civil, Innovation Ambassador, JIT, took the session on “Achieving Value Proposition Fit & Business Fit”. The objective of the activity was to encourage young individuals with entrepreneurial aspirations to adopt a rational and market-oriented mindset, so ensuring that their efforts are focused in the appropriate direction. The discussion started with the resource person offering a broader outlook on the state of entrepreneurship in India. The purpose of her contemplations on the lean business canvas/business model canvas was to foster a market-oriented mindset among students. The speaker placed significant emphasis on the importance of transforming ideas into value propositions in order to achieve economic viability. Gaining a comprehensive understanding of several perspectives is crucial for students in order to establish a sustainable company. Additionally, she facilitated a question and answer session with the attendees and played a significant role in resolving a handful of doubts.
Session 3 : Innovation in Prototype Validation
Prof. R.Kowsalya, AP/ECE, IETE Faculty Coordinator, unveiled the chief guest profile. Mrs.A.Praveena, AP/CSE, Innovation Ambassador, JIT, took the session on “Innovation in Prototype Validation”. The presenter provided an overview of the innovation cycle and the several stages of product development, beginning with the generation of ideas and progressing through the Proof of Concept (PoC) phase and the production of prototypes at various levels of technological readiness. The ultimate goal is to advance the product to a stage suitable for startup implementation. She emphasised that innovative prototypes are crucial first stages in the process of successfully launching a product. This response will elucidate the importance of the Minimum Viable Product (MVP), the necessity for prototype validation, and the associated procedures. She spoke about the essential startup success factors, various funding sources, and the MRU National Innovation and Startup Policy (NISP), which outlines the assistance MRU is prepared to offer to faculty members and young, aspiring student entrepreneurs in order to help them launch startups. She talked on the need for innovation, the innovation process, the effect, and the innovation driver. The
interaction between the faculty and students and the resource person brought the session to a close. Prof. N.Krishnapriya, IIoT Club Coordinator, Innovation Ambassador, thanked all the resource persons and participants for making the event highly enriching and insightful.
DAY – 2 (28.07.2023):
Technovate Project Expo – Project Presentation
Prof. N.Krishnapriya, IIoT Club Coordinator, Innovation Ambassador, addressed the gathering with the welcome address. Dr.M.M.Matheshwaran, President, JIT-IIC, acted as a mentor to provide suggestions and ideas to elevate the prototypes to Market-fit products. The primary aim of organising this project presentation was to create a platform for faculty members to demonstrate their creative projects, which were built to address either industry-defined problems or user-defined problems. Additionally, the presentation served as an opportunity for faculty members to share their learning experiences. Prof. R.Kowsalya, AP/ECE, IETE Faculty Coordinator, presided the vote of thanks.